Pafalafa-ga: Please answer with the data you found in response to "How
do US citizens become millionaires?"

sybarite-ga,


Thanks for posting this question to my attention...much appreciated.

The IRS conducted a detailed review of available statistics on wealth
in a paper entitled "Personal Wealth, 1998", which can be seen here:


http://www.irs.gov/pub/irs-soi/98pwart.pdf


The paper identified a cluster of 6.5 million people in the US with
gross assets of $625,000 or more, and reports on the distribution of
those assets.  [By the way, I spoke to one of the authors of the
report, who tells me an update is due this summer, though he wouldn't
specify a date].

The figures in the main text of the report break out assets by
particular categories, for example -- males with a net worth of under
$1 million.

However, the summary statistics for the entire population of wealthy
folks are presented in Table 1 of the Appendix.

In brief, the numbers for the 6.5 million wealthy in the US in 1998
break out as follows:

$11,142 million -- Total assets

$10,185 million -- Net assets (less debts)

$1,080 million -- personal residence

$1,531 million -- Investment real estate

$1,325 million -- Closely held stock

$2,709 million -- Other stocks

$  633 million -- State/local bonds

$   24 million -- Federal savings bonds

$  239 million -- Other federal bonds

$   96 million -- Corporate and foreign bonds

$   39 million -- bond funds

$  111 million -- unclassified mutual funds

$1,014 million -- cash and money markets

$  291 million -- mortgages and notes

$  221 million -- cash value life insurance

$  264 million -- noncorporate business assets

$  232 million -- limited partnerships

$1,017 million -- retirement assets

$  310 million -- other assets


The paper provides similar breakouts within net worth categories, such
as all those with a net worth between $10-20 million.

No doubt, there have been some changes in these distributions since
1998.  We'll have to wait until this summer to find out, I suppose. 
Still, it's interesting to get a peek at how the other half (the other
5% is more like it) lives.

Let me know if there's anything else you need on this.


pafalafa-ga

Thanks Pafalafa!

Banks, All differnet ones pick a couple random ones, Manhatten Bank, etc...

I completely disagree Inquesition.

Wealthy people likely keep a small portion of their money in banks. 
And it is likely only enough to live off of for 1 to 3 months.  Beyond
that their money is working for them either in real-estate,
stocks/bonds, or other ventures where their rate of return is far
greater than the 1%-3% they might get in a bank.

My research supports your position jack_of_few_trades.